Eastover Granted $144K in Credits for Being Affordable Housing Development

The Oxford Board of Aldermen granted $144,000 in credits to Oxford’s second workforce housing project being built just south of Oxford High School near the F.D. “Buddy” East Parkway.

Eastover is currently under construction and will have 48 units.

On Tuesday, the Aldermen approved waiving $8,940 in planning department review fees, $33,792 in Building Department fees; $35,600 in tree mitigation fees and $36,115 in water and sewer connection fees.

The city’s ordinance establishing incentives for affordable housing development allows the Oxford Planning Department to offer several incentives to developers who present plans for affordable housing developments where 100 percent of their units are considered affordable housing for at least 15 years, up to $1,000 per bedroom in each category.

Incentives offered include waiting or reducing fees for the site review from the Planning Department, Building Department fees, tree mitigation fees, sewer connection fees, water connection fees and stormwater and other utility requirements considered with the value established by estimates performed by the developer with approval by city staff.

The incentives are geared to help developments that offer housing in a price range that is affordable to those who earn 60 to 80 percent of area median income that is adjusted annually by the U.S. Department of Housing and Urban Development.

Developments where 100 percent of their units are affordable for less than 15 years but at least 10 years will receive $750 per bedroom for the incentives. Developments that will have at least 50 percent of the units marked as affordable for more than 10 years will receive a percentage reduction up to $1,000 per bedroom equivalent to the percentage of affordable units, less an additional 5 percent unless the mandatory incentives exceed the maximum incentive offered.

Other incentives offered to Eastover included the city planting $12,500 worth of trees, shrubbery and other plantings along the city’s right-of-way; an estimated value of $17,000 for streetlights provided near the development; exemption from having to build a pedestrian path; and being permitted to build sidewalks on only one side of the primary road in Eastover.

The Board of Aldermen previously approved similar credits and incentives to the Belle Rivers development that is nearing competition and has been accepting applications.

The developments, positioned to provide workforce housing to Oxonians, were made possible after the public-private partnership between LOU-Home and Rutledge was awarded $15 million in housing credits last year in competitive funding.